Portman has acquired the Westin Cincinnati, a 456-room full-service hotel located on Fountain Square in the city’s downtown core. The deal marks Portman’s first hotel purchase and the launch of its national value-add hospitality strategy. Financial details of the transaction were not disclosed.
The property is situated in Cincinnati’s commercial and cultural district with access to venues including Paycor Stadium, the Duke Energy Convention Center and the Great American Ball Park. Hotel features include more than 30,000 square feet of meeting space, an onsite restaurant and bar, a 24-hour fitness studio and 456 guestrooms and suites. Portman will assess the potential for a comprehensive renovation as part of its business plan.
“The Westin Cincinnati is a terrific representation of the opportunity we are seeking across our hospitality platform: a world-class brand, impactful and irreplaceable real estate in a major market, and the potential to create long-term value through thoughtful investment and operational enhancement,” said Kaunteya Chitnis, managing director of hospitality at Portman. “We look forward to leveraging our 70-year legacy in hospitality to help shape the future of this great American city.”
The acquisition strengthens Portman’s growing presence in Cincinnati. The firm was previously selected as master developer for the city’s new Convention Center Headquarters Hotel, part of the planned $828 million Convention District redevelopment. Marriott was recently confirmed as the brand partner for the upcoming 700-room hotel.
The Westin Cincinnati is the second Westin property in Portman’s portfolio and adds to the firm’s growing number of Marriott-affiliated assets. The hospitality portfolio now totals seven hotels in five markets, with more than 3,000 rooms and over $1 billion in assets under management. Portman said it is actively pursuing additional hotel acquisitions in major U.S. cities.
